STR Enterprises commits to hotel investments
A hotel operator is investing in a programme of refurbishments across its North East hotel portfolio, using a new £2m funding line.
Newcastle-based STR Enterprises will invest in refurbishing the Manor House and The Honest Lawyer, both in County Durham, in the coming months.
Work has already completed on renovations at The Victoria Hotel in Bamburgh, Northumberland.
Plans are also in place for STR to invest in expanding the number of rooms it oversees across all three venues.
Law firm Sintons acted for STR in securing its £2m package from HSBC.
John Sanderson, managing director of STR Enterprises, said: “We set out an ambitious programme of refurbishments that would not only upgrade a number of key sites but also help to grow our business.”
Jane Meikle, Partner and Head of Banking at Sintons, acted for STR, alongside Real Estate Partner Mark Dobbin.
Jane said: “We are delighted to have completed the transaction on behalf of STR Enterprises. Our banking and real estate finance teams worked incredibly hard together with STR to complete the transaction within a challenging timescale. The facilities will allow STR to take their thriving business forward and I look forward to seeing the group go from strength to strength.”
Tony Leech, area director at HSBC in the North East, added: “We were more than happy to support STR Enterprises’ ambition to contribute to a thriving tourist economy in the North East.
“With solid knowledge of the sector, the STR team has demonstrated a clear strategy for growth that will positively contribute to the region’s booming hospitality sector.”